Although integrated project delivery (IPD) is still in its infancy in the construction industry worldwide, some principles can be effective without formal contractual languages and enforcements when IPD is employed as a philosophy as opposed to a delivery method. This paper aims to investigate the effect of IPD principles on project performance in China, providing a reference for improvement of project performance by the application of IPD principles in countries or regions where IPD is considered as a philosophy. A total of 205 data samples were collected from different IPD-related participants in China via a questionnaire survey. Eight hypotheses are proposed based on a literature review, and these are verified using a structural equation model (SEM). According to the results of the exploratory factor analysis, IPD principles, including behavioral principles, contractual principles, collaboration-related principles, and catalysts, are classified, and the internal relationship of various IPD principles is explored using SEM to analyze the impact path between IPD principles and project performance. It was discovered that project performance is directly affected by collaboration-related principles and catalysts. The contractual principles have positive impacts on both behavioral principles and collaboration-related principles, while the catalysts show positive impacts on behavioral principles. This work provides insights and managerial implications for local applications of IPD for construction practitioners, which should be considered by promoting regional IPD practices; it contributes to both theoretical and practical perspectives for improving project performance by the effective implementation of IPD in construction projects.